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NASCAR is one step closer to returning to Fairgrounds Speedway Nashville after Speedway Motorsports Inc. and the track leaseholders reached an agreement.

NASCAR is one step closer to a Fairgrounds Speedway Nashville return

City Metro still has to reach an agreement with both SMI and the track's leaseholders

December 19, 2018

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The first step for a NASCAR return to Fairgrounds Speedway Nashville was accomplished on Wednesday.

Speedway Motorsports, Inc. reached an agreement with track promoter Tony Formosa that paves the way for the sanctioning body to bring the NASCAR Xfinity Series and Gander Outdoors Truck Series to the venerable Tennessee short track. The agreement was just between the Formosa family that holds the lease to 'weekly' racing at the track and Speedway Motorsports, Inc. via Bristol Motor Speedway. The agreement must be approved by the Metro Board of Fair Commissioners before any deal can be struck with the sanctioning body.

The City of Nashville is the de facto owner of the Fairgrounds facility that will soon feature a stadium on the grounds that will host a Major League Soccer franchise. The agreement also sets in motion plans to modernize the oldest continually operating track in the United States. The 0.596 track hosted the NASCAR Cup Series from 1958 to 1984. Xfinity and Trucks continued running at the track until the 2000 season. It has been estimated that the track needs at least $20 to $30 million in renovations to match the industry standard.

Should the City of Nashville reach an agreement with the Formosa family and SMI-BMS, it would see Fairgrounds Speedway Nashville CEO-VP Claire Formosa become a full-time employee at Bristol as a sort of liaison between the two tracks. It would also allow the Formosa family to continue promoting 'weekly' races at the speedway to the tune of eight per year, including the All-American 400 Super Late Model race.

"We've reached an agreement with Bristol Motor Speedway on our terms," Formosa told Autoweek on Wednesday. "What will happen, if this goes through, is that the track will continue to promote eight local races and I will become a full-time employee at Bristol ...

"It hasn't fully been worked out yet. Now they have to reach an agreement with the City. Our deal is done but its contingent upon reaching an agreement with them."

The Formosa family still has a five-year agreement with the City to promote races at the Speedway, which runs through 2022, and that will be honored unless otherwise negotiated. But Formosa wanted to make it clear to her local drivers that any agreement with NASCAR would not affect the weekly schedule nor the World of Outlaws event scheduled for next summer.

"They may begin upgrades, but nothing will effect what dad is working on here," Formosa said. "The staff, minus myself, will remain in place for weekly racing."

“Tony and our team both see the same bright future for Fairgrounds Speedway," Jerry Caldwell, executive vice president and general manager of Bristol Motory Speedway, said in a statement. "Nashville has a special reputation as one of the most exciting tracks in the history of motorsports, and the region has a remarkably large and passionate fan base.

"The motorsports industry — the sanctioning bodies, drivers and race teams — is excited about Nashville’s potential to be a regular site for major events. With Metro supportive of that vision, we are eager to start working tomorrow with the city, Tony and other stakeholders at the Fairgrounds and beyond, to develop a first-class racing facility and program."

It remains unclear when NASCAR racing would return to the track, even though president Steve Phelps has stated that 2020 and 2021 could see significant changes to the schedule with respect to fan demands.

A figurative marriage between the City of Nashville, the Formosa family, Speedway Motorsports, Inc. and NASCAR could see the entire Fairgrounds facility become a premiere sports and entertainment hub.

"This is terrific news for fans of racing and drivers all across the country and will bring a brighter future for Nashville Fairgrounds," Formosa said in a statement. "I’m excited to work with Bruton and Marcus Smith and the Bristol team who I feel will bring this historic facility back to where it belongs. Today marks an exciting new beginning for the Fairgrounds Speedway Nashville."